Fund Evaluator:
VELA Large Cap Plus I (VELIX)
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Fund Details
VELA Large Cap Plus I Overview
VELA Large Cap Plus I (VELIX) is an actively managed U.S. Equity Large Blend fund. VELA Funds launched the fund in 2020.
The investment seeks to provide long-term capital appreciation. The fund, under normal market conditions, invests at least 80% of its net assets in long and short positions in U.S. equity securities with large market capitalizations. Equity securities consist of common and preferred stocks. Under normal market conditions, the adviser intends to maintain its net exposure in the range of 80% - 100% (long market value minus short market value). However, the long and short positions held by the fund will vary in size as market opportunities change.
About VELA Large Cap Plus I (VELIX)
There are 4 members of the management team with an average tenure of 3.73 years: Kyle Schneider (2020), Bobby Murphy (2024), Chris Brinich (2025), Ric Dillon (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 1000 TR USD index with a weighting of 100%. VELA Large Cap Plus I has 121 securities in its portfolio. The top 10 holdings constitute 39.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
VELA Large Cap Plus I is part of the Equity global asset class and is within the U.S. Equity fund group. VELA Large Cap Plus I has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.7%. There is 4.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VELA Large Cap Plus I has 11.4% of the portfolio in cash.
Assets Under Management
The fund has $68 million in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VELIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VELA Large Cap Plus I expense ratio is high compared to funds in the Large Blend category. VELA Large Cap Plus I has an expense ratio of 1.02%, which is 26% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VELA Large Cap Plus I has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, VELA Large Cap Plus I returned 4.4%, which earned it a grade of A, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
VELA Large Cap Plus I has a trailing yield of 1.24%, which is above the 0.56% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VELA Large Cap Plus I Grades
Year to date, the fund has returned 3.0%, 6.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 8.8% over the past year (grade of F), 10.4% over the past three years (grade of F) and 8.2% per year over the past five years (grade of F).
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VELIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VELIX Return (NAV) | 4.4% | 2.9% | 8.8% | 10.4% | 8.2% | na |
| VELIX Grade | A | F | F | F | F | na |
| +/- Category | 4.0% | -1.1% | -8.7% | -6.9% | -2.9% | na |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| VELIX Tax Cost Ratio | na | na | 1.8% | 1.1% | 0.8% | na |
VELIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VELIX Return (NAV) | 3.0% | 9.4% | 14.6% | 15.8% | -7.5% | 28.2% | na | na | na | na | na |
| VELIX Grade | F | F | F | F | A | B | na | na | na | na | na |
| +/- Category | -6.3% | -6.4% | -7.4% | -7.9% | 9.8% | 1.7% | na | na | na | na | na |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 9.5% |
| Total Risk Index: | 0.77 - Below Average |
| Category Risk Index: | 0.72 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.61 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $68 Mil |
| Fund Total Assets: | $ 68 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Schneider Kyle (2020), Dillon Ric (2020), Murphy Bobby (2024), Brinich Chris (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 121 |
| % in Top 10 Holdings: | 39.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 84.7% |
| Foreign Stock: | 4.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 11.4% |
Purchase Information
| Fund Family: | VELA Funds |
| Phone Number: | 833-399-1001 |
| Website: |
| Status: | Open |
| Inception Date: | September 30, 2020 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | VELA Large Cap Plus I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
